We maintain BUY by valuing Marico based on P/E of 35x Dec-19, and derive a TP of Rs 380. Maricos consolidated net revenue on a comparable basis grew by 18% YoY to Rs 16.2bn (in-line). EBITDA/PAT were up by 11/17% vs. expectation of 10/9% respectively. Domestic business (77% of total) recovered strongly (-9% in Q3FY17) with 19/9% value/volume growth driven by urban/rural growing at 15/26% in value terms. We expected 17/11% value/volume growth, respectively.